AGENT 1
Dec 31, 20202 min
With so much uncertainty ๐คทโโ๏ธ surrounding the housing ๐ market, many Americans may be afraid that buying or selling a house is too risky ๐คจ of a move to make. A recession isnโt great news ๐ฐ for buyers, especially with the average family ๐จโ๐ฉโ๐งโ๐ฆ unable to afford a home in many parts of the country as it is. Prospective homebuyers are also concerned about their ability to make mortgage ๐ฆ payments.
After a tumultuous and tragic 2020, we enter the new year ๐ with guarded ๐โโ๏ธ optimism as the world continues to battle โ๏ธ the coronavirus pandemic. How countries heal ๐ค from the crisis is crucial to struggling economies ๐ and the endurance of surprisingly strong ๐ช real estate markets.
2020 was a tough year, but there was a silver ๐ฅ lining: With so much time โฐ spent inside, people had a chance to really focus ๐ง on their homes and make them as functional, comfortable ๐, and beautiful as can be. So itโs a good thing we have so many great real estate reality shows ๐บ on HGTV, Netflix, Bravo, and beyond to keep us not only entertained, but also inspired with tips to take our living spaces to the next level โซ.
As with every other aspect of American ๐บ๐ธ life in 2020, the coronavirus pandemic dominated the real estate industry this year โ wreaking havoc ๐คฌ on markets, shattering our ingrained routines and traditions at home, changing the way we move around, and leaving us with an uneasy awareness ๐ฌ that 2021 may be equally unpredictable ๐ฎ.
For real estate, as for many things, 2020 was a strange ๐งฟ year. Despite a pandemic ๐งซ, a recession and unemployment that at one time hit 20 million, 6 million homes ๐ were sold ๐ฐ and the average home price was up โคด๏ธ 5 percent. There were record low ๐ mortgage rates of course, but there's also the fact is that the recession ๐ has mainly been concentrated among people with lower-paid jobs - people who rent.